This paper examines the implicit assumption that student-centered learning is most appropriately and adequately financed by channelling public resources through students. Emphasis is placed both on the conceptual arguments related to the adequacy and appropriateness of the market model as a policy basis for higher education, and on empirical evidence tending to support or deny the adequacy and appropriateness of the student funding model, or market model, to the day-to-day functioning of postsecondary institutions. (MJM)